Maritime and Shipbuilding Industry News Sample

Jun 16, 2002 23:35:43

PSA CORP: Cosco Pacific Denies Acquisition Talks Reports

CHINA (SunStream News) -- After sister company Cosco Investment Singapore said it's parent company may purchase a stake in Singapore's port operator, Cosco Pacific, the port investment arm of China's biggest shipping firm said it is not in talks to buy a stake in Singapore port operator PSA Corp, the Channel News Asia reported. Cosco Pacific, which operates four ports in mainland China and one in Hong Kong, says parent China Ocean Shipping Co (Cosco) has reiterated the unit will remain the group's port flagship, and Cosco Pacific is focusing its acquisitions in China, particularly the ports in Dalian and Qingdao. The Singapore government has said it may be prepared to sell a stake in PSA to help stem defections of shipping lines to other regional ports.

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Source: M&A Reporter - Asia Pacific

Publication Date: 2002-06-17

 

NWS:	TNM

COY:	1199.HK

IND:	MAR

GEO:	a-cc
	a-cc-hk

 

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